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Deed records at $7 million for Palm Beach house sold in divorce

Last sold in 2010 for $5.4 million, a renovated 1960s-era house at 661 N. Lake Way has changed hands for $7 million in a sale related to a divorce, according to courthouse documents recorded Tuesday. Photo courtesy of The Corcoran Group

Posted: 9:38 a.m. Wednesday, November 08, 2017

Deed watchers may have noticed a $7 million deed recorded Tuesday at the Palm Beach County Courthouse for a renovated 1960s-era house at 661 N. Lake Way.

But a close look at the transaction shows it to be internal deal. A limited liability company controlled by Mary Ellen Kisting sold the property to her ex-husband, Mark A. Nylen, who acted as trustee of two Nylen family trusts. As trustee, he assumed a 49 percent ownership stake in one of the trusts and a 51 percent stake in the other.

The trusts have similar names to the one Mark Nylen and his ex-wife used in 2010 to buy the house for a recorded $5.4 million. In that deal, the trust bought it from builder Thomas Iovino and his wife, Judith, who had carried out a major renovation and later updated the exterior and grounds.

The house was built by the late developer Robert Gottfried in his signature Palm Beach Regency style. Five streets south of the Palm Beach Country Club on the southeast corner of West Indies Drive, the five-bedroom residence and two-bedroom guesthouse have about 6,590 square feet of living space, inside and out.

Paulette Koch and Dana Koch of the Corcoran Group handled both sides of this week’s transaction, according to records in the Palm Beach Board of Realtors Multiple Listing Service. They had the property listed at $8.25 million in since late April and described it as a “mini compound” on a lot measuring more than a half-acre. Dana Koch said he and his mother had no comment on the sale.

The Koches also were in involved in the 2010 sale, when they represented the Iovinos opposite Realty World Florida of Miami, which acted on behalf of the Nylens.

In that deal, Mark. Nylen served as trustee of the Nylen 2007 Family Trust of North Sioux City, S.D., and the same trust was referenced on this week’s deed. Property records show that in 2012, the trust transferred ownership to North Lake Way LLC. That company sold the property this week via a warranty deed, with Mary Kisting acting as manager of the limited liability company.

Mark Nylen has headed Mobren Biological, a pharmaceutical ingredient supplier based in Sioux City, Iowa, according to reports.

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